Quaterly Compliances Under RERA: Key Steps for Regulatory Compliance
What Are the Compliances Under RERA?
Quaterly Compliances Under RERA: Promoters are compulsorily required to update their project quarterly. They should ensure Real Estate (Regulation and Development) Act 2016.
The Maharashtra Real Estate Authority (MahaRERA) vide its Order No. 18/2021 dated 28th July 2021 has made QUARTERLY UPDATES for each project COMPULSORY.
The Order further states that the non-compliance shall be strictly responded with PENAL ACTION.
It has further described in its order as follows:
MahaRERA shall implement a “Financial Quarter Based Project Progress Reporting System” for all MahaRERA registered real estate projects. Promoters shall file Quarterly Progress Reports (QPR) as per Financial Quarters within 7 days of the Quarter End (Due Dates will be every 7th day of July, October, January and April respectively). The first financial quarter-based QPR will be due to be filled by 15th August 2021 for all registered projects (for April May June Quarter) irrespective of the date of their last QPR filled.
| QUARTER | DUE DATES |
|---|---|
| Q1 (April, May, June) | 7th of July |
| Q2 (July, Aug, Sept) | 7th of October |
| Q3 (Oct, Nov, Dec) | 7th of December |
| Q4 (Jan, Feb, March) | 7th of April |
FIRST COMPULSORY UPDATE FOR FIRST FINANCIAL QUARTER OF THE YEAR 2021-22 SHALL BE 15TH AUGUST 2021.
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The promoter shall provide Quarterly updates on the following:
i. Increment Changes in various building plan approvals.
ii. Status of the Project: Physical and Financial Progress of the Project along with Form l, Form 2, Form 2A, and Form 3 for the quarter
iii. Form 5 shall be submitted in the concerned quarter i.e. Quarter II.
iv. Form 4 to be uploaded, if applicable.
v. Present status of Booking of Plots/Apartments/Units
v. Present status of Booking of Plots/Apartments/Units
vi. Present status of Booking of Garages, Cover Parking.
vii. Changes in Project Professionals including Architects, Engineers, Chartered Accountants, Real Estate Agents, and so on.
viii. Changes in Encumbrances Report.
ix. Status of Association of Allottees, if applicable.
x. Status of Conveyance, if applicable.
xi. Changes in any other detail of the project, as provided during Project Registration/Previous update.
IF NO UPDATION IS MADE WITHIN THE DUE DATE THEN
1. Web Generated Notice shall be issued immediately.
2. if no response is received within 10 days – Chief Planning Officer will call the promoter for a hearing and penalty will be levied.
Note: “This document had been written to provide an update in simple/ lucid language. The Author shall not be responsible for any decision made based on the content of this document. Care has been taken to produce authentic and reliable information, however the users are expected to obtain professional advice before implementing.
Understanding the Importance of Quarterly Compliances
RERA Consultant In Mumbai: Quarterly compliances play a crucial role in ensuring transparency, accountability, and regulatory adherence in various sectors. This holds particularly true in industries like real estate, where the implementation of the Real Estate (Regulation and Development) Act (RERA) has brought about significant changes. Quarterly compliances under RERA require developers, builders, and real estate agents to fulfill specific obligations within stipulated timeframes. These obligations include financial reporting, progress updates, disclosure of project details, and addressing customer grievances. By emphasising quarterly compliances, RERA aims to enhance consumer protection, boost investor confidence, and create a level playing field for all stakeholders. Compliance with quarterly requirements helps promote timely project completion, effective resource management, and transparency in financial operations. It also enables regulatory authorities to monitor the progress of projects, identify potential issues, and take necessary actions in a timely manner. By understanding and prioritizing the importance of quarterly compliances, real estate professionals can contribute to a well-regulated and trustworthy industry that benefits both developers and homebuyers alike.
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